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Josh Wolfe Profile picture
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27 Oct, 9 tweets, 3 min read
1/ We’re pleased to unveil Lux’s NEWEST investment vehicle

Lux Health Tech Acquisition Corp
a $300M special purpose acquisition company

which begins publicly trading on the Nasdaq [LUXAU] this morning...
2/ We formed Lux Health Tech

for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses at the intersection of the healthcare and technology industries...
3/ In PLAIN SPEAK:

we believe the time is now to take public and build generational technology companies that will have a profound positive impact on healthcare.
4/ Our partners include long-standing public market collaborators (multi-$B-dollar fundamental hedge funds + crossover investors)––as well as many of our own LPs

Lux not only sponsors the acq. vehicle––our funds also commit fresh $ to invest alongside the business combination.
5/ We + our partners see an extremely attractive investment opportunity @ the outset of a secular shift in TECH and HEALTHCARE.

As we shared in our HEALTH + TECH thesis weeks ago...
medium.com/lux-capital/we…
6/ The MOST compelling invention + innovation occurs @ the EDGES of multiple technical disciplines.
7/ We’re confident we will witness a NEW crop of historically important public healthcare technology co’s that more closely resemble the TECH mega-caps of today:

-network effects
-platform-based innovation
-highly scalable business models,
-high impact +high value creation...
8/ We have brought together visionary entrepreneurs, inventors, executives, doctors + investors who share our belief the time for change is NOW.

In addition to the extended Lux team––
we’re joined by the following experienced officers + directors:
9/ A letter from the Co-Founders of Lux @peterjhebert + @wolfejosh on guiding investment philosophy––

as included in the S-1 filed with SEC
sec.report/Document/00015…

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More from @wolfejosh

Josh Wolfe Profile picture
28 Oct
1/ The eventual reversion + shift
from GROWTH to VALUE
will take a while––

but I see ONE key catalyst:
a series of AOL/TimeWarner-like deals.

where smaller (more highly valued growth stock currency) consumes larger (cheaper cash-generating value biz’s, deemed in decline)...
2/ It will post facto finally bring reward to VALUE investors––

(who are facing growing, classic, end-of-cycle claims of the death of their strategy; from fund shutdowns to questioning Buffet to Damodoran as apologist)

––NOT because market sees the value they do...
3/ But IN SPITE of it––

as the market will have created crazy HIGH valuations of bad businesses that will buy good businesses at crazy LOW valuations

That will
1. put VALUE back in vogue
2. create tremendous SHORT opps as the combos fail
(but are good for book publishers)...
Read 5 tweets
Josh Wolfe Profile picture
20 Oct
1/ This was SHOCKING to me.

Do you love chocolate (Y/N)?
2/ Does the delicious taste of sweet chocolate exceed the bitter truth of supporting enslaved child labor of kids under 12 in Ghana or Ivory Coast picking cocoa beans that make chocolate?

(Y/N)?
3/ Most alarming was how easy it was for me to flip past this article in today’s @washingtonpost––while i LITERALLY bit into chocolate 🍫and sipped my morning coffee☕️

And then flipped back––startled by easy complacent ignorance.

WHOA.
Read 5 tweets
Josh Wolfe Profile picture
13 Oct
1/ I have no idea if the current zeitgeist lasts
2 days, 2 weeks, 2 months or 2 years.

I can argue the case for lasting longer than anyone thinks it ought––and why it may run shorter.

For why longer:
Record inflows from retail––“across the board”––in US, Europe, Asia...
2/ Beyond RobinHood or TradeRepublic or TikTok fast-money option speculators––with 0% rates–––“GROWTH” is what is demanded.

And
-with SPACs able to give proforma ‘forward guidance’ in ways IPOs couldnt
-and a dollar in 2025+ = to a dollar TODAY

Valuations continue to rise...
3/ SPACs themselves may be akin to late 1980s Junk Bonds when Milken took a once backwater asset and legitimized them through combo of academic + portfolio theory––

unleashing vast capital formation + wealth creation––until like all good things––it was taken to excess....
Read 11 tweets
Josh Wolfe Profile picture
10 Oct
1/ The shift from mostly INDIVIDUAL retail investors to concentrated institutional over last two generations––and the growing shift back to INDIVIDUAL retail investors

is underappreciated strutural phenom of inflows/outflows

We make fun of the RobinHood, TradeRepublic...
2/ And the vast majority of them will LOSE their money and GAIN experience––

and get exploited by more cunning investors + mgmt teams
(front-running quants, huckster CEOs)

But the capital formation it is fueling + will fuel (at a time of already low rates) is scary large...
3/ Consider ANT Financial

China funds raised just for the IPO sold out in days––raising $9 billion from 10 million RETAIL INVESTORS.

Many institutions wouldnt touch this company for gigantic glaring interparty + accounting issues.

But ANT will get to keep the money.
Read 5 tweets
Josh Wolfe Profile picture
5 Oct
1/ Announcing something NEW @ Lux.

We are committing very big money
to a very big opportunity ahead.

(Led by my brilliant partner + cofounder @peterjhebert)

Here's what + here's why👇👇👇 Image
2/ We will be investing a BIG part of $1B of newly raised capital at the intersection of a HEALTH + TECH megatrend.

Forget buzzwords of "AI & machine learning, robotics + automation + machine vision"

––they only matter if they enable attractive high-growth business models...
3/ Here's WHY––

Today' medtech industry hasn't kept pace with the rate of innovation + value creation of TECH companies

VC-backed medtech has produced only a HANDFUL of innovative companies with large cap valuations since the turn of this century...
Read 12 tweets
Josh Wolfe Profile picture
4 Oct
1/ Some unsolicited advice.

A few people I admire and mentor were obsessed with the current news cycle––distracted + distraught with disbelief almost daily.

My advice was THIS: 👇👇👇
2/ Stop hitting refresh 🔘 on the news like an addicted caged rat looking for a hit of joy 😃or anger 😡

With so much to lose for so many in power––there is NO UNCERTAINTY. 

You know this: there is total CERTAINTY that there will be total chaos daily for weeks to come...
3/
You know this:
that few maybe none of those events are in your control. 

You know this:
you can control only what is in your control

1. voting (unless or until you can’t)
2. where you direct your attention + focus
3. how you choose to feel...
Read 9 tweets

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